Flaherty & Collins, City of Kokomo Announce Downtown Mixed-Use Development

Flaherty
& Collins Properties announced today plans to partner with the City of
Kokomo on a new project to redevelop the former Apperson Brothers factory and
surrounding property into a luxury mixed-use apartment community to open in the
Summer of 2017.

“Reusing the facade of this historic
building preserves our history and provides much needed housing for our
downtown,” said Mayor Greg Goodnight.

The conceptual plans call for a
mixed use development which includes the repurposing of the existing factory
building as well as additional new structures on the site to accommodate 198
luxury apartment homes and retail in an urban configuration. The community will
feature resort style amenities that will support and activate the space around
the new development, tying in closely with the baseball stadium and downtown,
while supporting the housing needs the City of Kokomo has outlined in their
master development plan.

“We are excited to kick-off this
project and partner with the City of Kokomo on this development,” said David Flaherty,
CEO of Flaherty & Collins Properties. “There is a lot of activity happening
in Kokomo right now. Due to recent economic development announcements and
an influx of new jobs, there’s a strong need for high quality housing to the
support this growing community. We’re thrilled to be a part of the downtown
revitalization.”

Flaherty & Collins Properties
expects about 70 percent of the residents to come from out of the county, which
will create a direct economic impact to facilitate the continuing revitalization
of downtown Kokomo.

“This project would not be possible
without Kokomo Municipal Stadium,” said Flaherty, referencing the new baseball
stadium that accommodates 4,000 spectators for baseball, as well as other
events. The stadium was completed earlier this year and opened in April. “It
will aid in creating a thriving, vibrant and lively downtown area which is the
heart of the city,” added Flaherty.

Additionally, Flaherty & Collins
Properties hopes to tap into the market of current employees that commute from
out of the City because of the lack of housing options.

“Breathing life into our past can
renew the vitality of our future,” said Victor Smith, Indiana Secretary of
Commerce. “This complex will foster a sense of place that drives pride and
passion in the region. That’s something companies look for when they consider a
community for a new facility and new jobs, which helps us lay the groundwork
for even more growth ahead.”

The rehabilitation of the facility
and construction of the remainder of the development will occur over an
18-month period.

“An urban in-fill, mixed-use
development for downtown Kokomo will serve as a key area where the city needs
growth to support other areas of great economic development progress,” said
Austin Carmony of Flaherty & Collins Properties, who will serve as the lead
developer on the project. “We want people to Live, Work and Play in the City of
Kokomo.”

The Apperson building was built in
1906 and housed the Apperson Automobile Company until 1926. It was then used as
an industrial supply store/warehouse until it closed in 2007.